MOIL stock price surges due to rising manganese ore prices and impressive sales
From Mint: 2024-04-26 02:28:02
MOIL, India’s leading manganese ore producer, saw its stock reach a new high of ₹443 per share, with a 2.5% increase in the fifth consecutive trading session. The stock has surged by 31.30% in the last four sessions and has increased by 61% since March 2024, with a 50% jump in April alone.
The company’s strong performance is attributed to rising manganese ore prices and impressive sales and production figures. MOIL implemented price revisions resulting in 3% to 6% increases earlier this month. It achieved record production and sales volumes in FY24, with a 35% and 30% year-on-year growth respectively.
MOIL, as the leading manganese ore producer in India, commands a 46% market share and holds significant reserves. The company has strategically increased investments domestically and internationally, focusing on developing existing mines and exploring new opportunities to meet the growing demand.
Financially, MOIL reported a 13% increase in revenue and a 19.41% growth in profit after tax for the first nine months of FY24 compared to the same period last year, showcasing its strong performance in the industry. Investors are advised to consult experts before making any investment decisions.
Read more at Mint: Multibagger Stock: MOIL share price zooms over 50% in April so far, gains 178% in a year